Supermarket company Casino warns of 2023 losses for core French arm
PARIS, Nov 22 (Reuters) – Debt-laden supermarket retailer Casino warned on Wednesday of likely 2023 losses for its core French business, due to a slower than expected turnaround at its hypermarkets business and the impact of investment costs.
Casino estimated that its 2023 earnings before interest, tax, depreciation and amortisation (EBITDA) after leases would range between a loss of 78 million euros ($85.1 million) and a loss of 140 million euros.
Casino had already reported last month a drop in its third quarter sales and a cut to its 2023 profit outlook.
The company also finalised in October a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, 아시안커넥트 led by Czech billionaire Daniel Kretinsky.
($1 = 0.9168 euros) (Reporting by Sudip Kar-Gupta, Editing by Louise Heavens)
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